Ping An Insurance denied a report in the Economic Observer that it would move to delist Shenzhen Development Bank (SDB) to merge it with its Ping An Bank unit, the Wall Street Journal reported. Ping An has been looking to control SDB, but said in a statement that it was still waiting for approval from regulators; Ping An has already received approval from the state council for a takeover, part of a broader plan to transform into a financial conglomerate. However, the insurer said the takeover would not include privatizing SDB and merging it with Ping An Bank. Trading of SDB shares was halted in Shenzhen on Monday.
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